Most funeral policies quickly dropped

MORE than three-quarters of all funeral insurance policies taken out in 2014 year were cancelled within the year.

An Australian Securities and Investments Commission report on the funeral insurance industry was released yesterday and showed 80% of the policies sold in 2014 were cancelled during the year, with the cost of premiums being the main reason.

The report revealed sharp rises in premiums for Australians aged 50 years or older. Average premiums for 80 to 84-year-olds cost four times as much as those for 50 to 54-year-olds.